Great Lakes Dredge & Dock Corporation Declares a Special Dividend of
$0.25

December 11, 2012 08:52 PM Eastern Standard Time

OAK BROOK, Ill.--(BUSINESS WIRE)--Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) announces that its
Board of Directors (“the Board”) has declared a special dividend on its
common stock. The Board approved a $0.25 per share special dividend, to
be paid on December 28, 2012 to the shareholders of record of the
Company at the close of business on December 21, 2012. Future dividend
payments remain subject to the discretion of the Board and depend on the
Company's results of operations, financial position, cash flow
generation and other business factors deemed relevant by the Board of
Directors.

“Due to the uncertainty in Washington around taxation of dividends and
our outlook for cash generation in the coming year we wanted to take
this opportunity to provide this special dividend to our existing
shareholders. This dividend represents quarterly dividends that the
Board likely would have declared in fourth quarter 2012 as well as the
acceleration of dividends for four quarters of 2013 plus an additional
return of capital. The Board believes that this special dividend
recognizes the support of our long-time shareholders while prudently
addressing tax law changes that are currently scheduled to affect
dividends paid next year. Based upon the outcome of tax reform the Board
will address the Company’s future approach to dividends,” said Jonathan
Berger, Chief Executive Officer.

Great Lakes Dredge & Dock Corporation is the largest provider of
dredging services in the United States and the only U.S. dredging
company with significant international operations. The Company is also
one of the largest U.S. providers of commercial and industrial
demolition services primarily in the Northeast. The Company owns a 50%
interest in a marine sand mining operation in New Jersey that supplies
sand and aggregate for road and building construction and a 50% interest
in an environmental service operation with the ability to remediate soil
and dredged sediment treatment. Great Lakes employs over 150 degreed
engineers, most specializing in civil and mechanical engineering, which
contributes to its 122-year history of never failing to complete a
marine project. Great Lakes has a disciplined training program for
engineers that ensures experienced-based performance as they advance
through Company operations. Great Lakes also owns and operates the
largest and most diverse fleet in the U.S. industry, comprised of over
200 specialized vessels.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute
“forward-looking” statements as defined in Section 27A of the Securities
Act of 1933 (the “Securities Act”), Section 21E of the Securities
Exchange Act of 1934 (the “Exchange Act”), the Private Securities
Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the
Securities and Exchange Commission (“SEC”), all as may be amended from
time to time. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors that could cause the
actual results, performance or achievements of Great Lakes and its
subsidiaries, or industry results, to differ materially from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Statements that are not historical fact are
forward-looking statements. Forward-looking statements can be identified
by, among other things, the use of forward-looking language, such as the
words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,”
“project,” “may,” “would,” “could,” “should,” “seeks,” or “scheduled
to,” or other similar words, or the negative of these terms or other
variations of these terms or comparable language, or by discussion of
strategy or intentions. These cautionary statements are being made
pursuant to the Securities Act, the Exchange Act and the PSLRA with the
intention of obtaining the benefits of the “safe harbor” provisions of
such laws. Great Lakes cautions investors that any forward-looking
statements made by Great Lakes are not guarantees or indicative of
future performance. Important assumptions and other important factors
that could cause actual results to differ materially from those
forward-looking statements with respect to Great Lakes, include, but are
not limited to, risks associated with Great Lakes’ leverage, fixed price
contracts, dependence on government contracts and funding, bonding
requirements and obligations, international operations, backlog, severe
weather related costs, uncertainty related to pending litigation,
government regulation, restrictive debt covenants and fluctuations in
quarterly operations, and those factors, risks and uncertainties that
are described in Item 1A “Risk Factors” of Great Lakes’ Annual Report on
Form 10-K for the year ended December 31, 2011, and in other securities
filings by Great Lakes with the SEC.